Buying a Home with Resale Value: Location

Buying a Home with Resale Value: Location, Location, Location

 

Location, location, location. That old cliché still rings true, especially when it comes to selling your home.

Whether you intend to live in a home for 10 years or two, location will undoubtedly play a role in its resale value. And given that few people today live in the same place for their entire lives, it makes sense to add resale to your list of considerations when purchasing a home.

Below are a few tips to help you find a home today with a stable resale value down the line:
 

 

• Choose Your Neighborhood Wisely:  The most important step in finding a home with resale value is choosing the right neighborhood. One of the first things you may want to consider when researching a neighborhood is the economic stability of the area. If you are buying a home with the expectation of reselling it in the future, you will want to find an area that is not only desirable currently, but will remain a popular community for years to come. A desirable area will:

• Possess a good mixture of residential and commercial districts
• Have jobs nearby for future residents
• Demonstrate consistent economic growth
• Be supported by a strong local government

 

 

• Do Your Homework on Local Schools:  Another important factor to consider as you try to find the best neighborhoods for resale value is the quality of the local school system. Even if you don't have children, you should research the closest schools before purchasing a home. By placing a call to the local school district, you may be able to find out what type of funding area students receive, how well students have performed on standardized tests and whether or not the district will be opening or closing any schools in the foreseeable future. Regardless of where the home is located, the quality of nearby schools will almost certainly be an important factor for potential buyers when you someday try to sell.

 

 

• Consider the Immediate Surroundings:  It’s no surprise that a home’s immediate surroundings have a major impact on resale value. But what are the things you should be looking for?  You may want to consider properties in neighborhoods where most of the homes are similar in size and style. Additionally, the ideal location for a home is nearest the center of a given street, away from busy thoroughfares and bordering only other homes – as opposed to businesses, apartment complexes or schools. Finally, you should be aware of traffic patterns that surround the neighborhood and whether a street you’re considering is used as a shortcut between two busy roads.

 

 

• Make It Convenient:  Though you may be looking for properties that lie in the middle of desirable neighborhoods, you should also consider the convenience of a location for a future homeowner. The most desirable homes are often located near all the essential businesses – such as grocery stores, dry cleaners and gas stations. Easy access to public transportation and major freeways can also boost the resale value of a home, particularly near cities where many homeowners commute by mass transit. In short, the ideal neighborhood will represent the best of worlds, offering residents both privacy and convenience.

 

 

 

• Don’t Forget the Taxes:  Property taxes can be a deciding factor for potential homebuyers. Though areas with higher property taxes often have newer schools or better funded municipal programs, many homebuyers avoid properties subject to higher tax payments. So you should consider how the property tax rate for a given home might be viewed by potential homebuyers.

 

To truly understand the impact of ‘location,’ you need to look below the surface.  The right research can go a long way toward helping you determine not only how desirable a neighborhood is today, but also how desirable it may be the years to come.

 

The staff at Coldwell Banker Real Estate LLC writes select articles about important topics related to real estate. Explore ColdwellBanker.com today for more insights and information.

 

 

About Coldwell Banker®
Since 1906, the Coldwell Banker® organization has been a premier full-service real estate provider. In 2008, Franchise Times magazine's prestigious Top 200 issue ranked the Coldwell Banker system No. 1 in real estate for the ninth straight year and 12th among franchisors in all industries. The Coldwell Banker System has approximately 3,500 residential real estate offices and approximately 100,000 sales associates in 47 countries and territories. The Coldwell Banker System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury property through its Coldwell Banker Previews International® division. It is a pioneer in consumer services with its Coldwell Banker Concierge ® Service Program and award-winning Web site, www.coldwellbanker.com. Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.